Original-Research: PSI SE (von First Berlin Equity Research GmbH): Accept the offer

What happened

First Berlin Equity Research reiterated its “Accept the offer” recommendation for PSI SE and raised its 12-month target price from €45.00 to €45.15 after Q3/26 results. Adjusted EBIT, meaning operating profit before interest and taxes with adjustments, was €5.7 million, above the analyst’s €2.6 million forecast, mainly because of strength in Grid & Energy Management.

Confirmed

Global impact / market context

Grid & Energy Management’s adjusted EBIT margin, meaning adjusted operating profit as a share of sales, rose to 20% from 5% a year earlier as restructuring took effect. If sustained, higher profit per sale could improve PSI’s earnings and cash generation, while the recommendation still favors accepting the takeover offer.

Analyst inference

German authorities approved Warburg Pincus’s takeover in early July, and shareholders who tendered received €45 per share. The bidder and parties acting with it now hold 83% of PSI; this ownership position frames the research recommendation around accepting the offer rather than relying only on operating improvement.

Confirmed

What to watch

1. Check whether future results show Grid & Energy Management sustaining its improved profitability; if restructuring benefits persist, higher operating profit could support PSI’s earnings and cash generation. Analyst inference
2. Watch for further takeover disclosures on Warburg Pincus’s ownership or offer terms, since the bidder and parties acting with it currently hold 83% of PSI. Analyst inference
3. Compare the €45.15 12-month target price with the €45 offer price and recommendation to accept; the small difference provides context for the analyst’s stated position. Confirmed

Evidence

• eqs-news.com